Hawaii microalgae producer Cyanotech Corp. earned a smaller profit in its fiscal third quarter.
The company based on Hawaii island announced today that it earned $171,000 in the three months ended Dec. 31, down 41% from $288,000 in the same quarter a year earlier.
Much of the decline was due to a 25% decrease in revenue, which totaled $7.5 million in the recent quarter compared with $10 million a year earlier. Cyanotech noted that the $10 million figure was a record for any quarter in the history of the company that sells nutritional products made from microalgae it grows in ponds.
Cyanotech CEO Gerald Cysewski said the company expects to achieve a profit for the full fiscal year ending March 31.